Bill Miller Says Big Three Airlines Are Prodigious Cash Flow Generators

The transcript discusses the long-term performance and valuation of major airlines, focusing on their financial metrics like free cash flow and profit margins. It highlights concerns about market capacity and economic cycles, comparing the performance of American, Delta, and United Airlines. The discussion also covers management strategies and challenges, such as debt leverage and capacity discipline.

In what ways have airline consolidations impacted profitability and cyclicality?

What are the key differences in management strategies between United Airlines and American Airlines?